Suntech Power CEO Resigns

Suntech Power CEO Resigns

Wuxi, China-based Suntech Power Holdings Co. got a new CEO today.

On Friday, Suntech announced that Chief Executive Officer and acting Chief Financial Officer David King is stepping down from both roles in favor of company President -- now also company interim CEO and interim CFO -- Mr. Zhou Weiping.

In a statement, the latter executive thanked King for his service and added, "I'm confident that I will be able to lead the company and, along with all our stakeholders, implement the restructuring plan over the coming months."

Suntech said that its board will begin searching for a new permanent CFO. The company did not say whether it will also be seeking a new permanent CEO, or whether it will make Mr. Zhou Weiping's interim position permanent.

Suntech shares are up strongly on the news, rising more than 8% in late-day trading.

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